National Australia Bank chief executive officer Cameron Clyne has announced he will retire from his position as the head of the lender in early August.
In a statement to the Australian Securities Exchange, NAB said Mr Clyne would be replaced by Andrew Thorburn.
Mr Thorburn will commence his role on August 1, subject to regulatory approvals, at which point he will be invited to join the NAB Board.
Mr Clyne has been managing director and CEO since January 2009.
Mr Thorburn has served as CEO of Bank of New Zealand (BNZ) since 2008, working as part of the NAB executive team to develop the lender's focus on building a stronger Australian and New Zealand franchise.
Prior to his appointment to BNZ, Mr Thorburn was executive general manager of retail banking for NAB.
NAB described Mr Thorburn a "career banker", having spent more than 27 years working in the industry in both Australia and New Zealand.
A replacement for Mr Thorburn in the role of CEO of BNZ will be announced at a later date.
NAB chairman Michael Chaney said he was pleased the lender's succession planning processes had enabled the board to choose someone from within the organisation to succeed Mr Clyne and that because of him NAB was well-placed for future success.
CEO role took a personal toll: Clyne
In announcing his retirement, Mr Clyne said leading NAB had been the most rewarding role of his career, but that the job had taken a personal toll.
"I am leaving to spend some much-needed time with my young family," Mr Clyne said.
Mr Chaney applauded Mr Clyne's leadership over the past five years, and noted that Mr Clyne had previously advised the board of his desire to retire from executive roles.
"Cameron took over as CEO during the global financial crisis and developed an effective strategy to steer the bank through a challenging period during which it has undergone significant cultural and structural change," Mr Chaney said.
"He is highly regarded throughout the bank and externally, and we are sorry to see him leave at this time.
Mr Chaney also paid tribute to Mr Clyne's dealing with a number of the lender's legacy issues.
"Cameron has built strong leadership across the organisation, a stronger balance sheet, improved the Bank’s culture, enhanced its reputation and dealt with a number of legacy issues," he said.